About Reverse Mortgages:
Reverse Mortgages became a valuable and safe financial tool for Senior Americans when the United States Congress authorized the Home Equity Conversion Mortgage (HECM) thru the Federal Housing Administration (FHA) and Department of Housing and Urban Development (HUD) in 1989.
An additional Reverse Mortgage program became available in 1996 when the Federal National Mortgage Association (Fannie Mae) created the Home Keeper Reverse Mortgage.
Two (2) private Reverse Mortgage programs, the Cash Account Standard and Cash Account Zero Point were established in 2001 and 2003, respectively.
These Reverse Mortgage programs offer the opportunity for virtually all Senior
Citizens to utilize the equity in their homes to provide needed financial
security. From 1989
thru January 2007, more than 271,400 Seniors have obtained a Reverse Mortgage.
|NO Credit or Income Requirements|
|NO repayment for as long as you occupy the home|
|NO taxes are paid on the cash from Reverse Mortgages|
|NO pre-payment penalty with Reverse Mortgages|
|You retain the title to your home|
|You may sell your home at any time|
|Cash may be used for any purpose|
|Cash may be received in a variety of ways|
|Social Security and Medicare benefits NOT affected by Reverse Mortgages |
|After your estate pays the lender ALL remaining equity is paid to your heirs|